'There is no cash crisis in Zimbabwe,' says Finance minister

2017-07-26 16:35

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Harare – Zimbabwe's finance minister Patrick Chinamasa has denied the biting cash shortages, saying "the government was satisfied with the prevailing liquidity position in the country,” says a report.

According to NewsDay, speaking at the unveiling of a low-density housing project in Masvingo, Chinamasa said that the government was working hard in addressing the movement of money through proper banking channels.

Chinamasa said that the increase in the construction of high-rise buildings across the country was evidence that citizens had the cash that they required.

"I was surprised in Rusape, a small growth point; there is construction of double-storey buildings. There is no cash shortage. The shortage is on the fiscus and we are trying to tie-up the loopholes that see money getting into the pockets of individuals without passing through the formal channels," Chinamasa was quoted as saying.

President Robert Mugabe's central bank introduced 10 million "bond notes" and two million "bond coins" into the system in the hope of ending a biting cash crisis, late last year. 

But, just a day after the dreaded surrogate currency was introduced, Chinamasa said that the "bond notes" were not meeting the demand for cash.

He, however, reportedly promised that the country’s cash problems were going to be met in due course.

Read more on:    robert mugabe  |  patrick chinamasa  |  zimbabwe  |  southern africa

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